Crypto whales are transferring 260,000,000 stellars as XLM price tries to stabilize

Whale Alert today analyzed the massive transfer of Stellar’s XLM cryptocurrency from an unknown wallet to a crypto wallet belonging to the Kraken exchange.

Whales move huge XLM tokens

A massive 260,000,000 XLM transaction made crypto headlines today which is currently worth $ 15,008,070. The transaction was deemed successful on September 14, 2019 at 00:08:11 UTC between an unknown wallet, i.e. GBKSIHGCSYGYLOBPRUL3UDTR4YMBJIUFJJGIKI445GPGIUMX7HJAZKON to a wallet held with Crypto Exchange Kraken, ie, GA5XIGA5C7QTPTWXQHY6MCJRMTRZDOSHR6EFIBNDQTCQHG262N4GGKTM.

🚨 Transferred 260,000,000 #XLM ($ 15,008,070) to #Kraken from unknown wallet

Send: https://t.co/5CUrJVZSro

– Whale alert (@whale_alert) September 14, 2019

The XLM cryptocurrency has already stepped out of the list of the top 10 cryptocurrencies on coinmarketcap; she continued to experience the decline in her daily trading volume. At the time of reporting, the coin holds the 12th largest spot with a market cap of $ 1,156,112,429. It is trading at $ 0.057565 with the price increasing 0.15 percent in the last 24 hours. Granted, the coin shows a fight.

Whale movements in the crypto industry are no longer a surprise these days as such transactions are caught quite often. Just recently, on September 11th, Whale Alert discovered the transfer of $ 1 billion worth of Bitcoin transactions to a single wallet that was believed to be a gigantic move of bitcoins into an unknown wallet.

Stellar and Ripple

Stellar is a blockchain network founded by former Ripple CTO Jed McCaleb. With both companies offering similar services, Ripple and Stellar are referred to as competing giants. With that in mind, Stellar recently hired Cell co-founder Mike Kennedy as CEO of Interstellar, Stellar’s division that develops payment protocols on the Stellar Network.

With Interstellar’s new CEO with years of experience in the digital payments industry, Stellar aims high and is likely to face Ripple’s continued endeavors in the fintech industry. He’s expressing an interest in joining Interstellar, says Mike;

“Among other things, Interstellar will identify gaps between liquidity and market-making and intervene and fill these gaps.”

Kennedy added,

“I think programmable money, digital assets, and digital tokens are the future. They allow for faster, cheaper and more efficient money transfer than the old traditional way of doing things. “

In addition, the whale movement related to Stellar is not the first of its kind. Not so long ago, Stellar founder Jed McCaleb was in the top crypto media bulletins. It’s worth noting that Jed McCaleb’s wallet address allegedly received $ 26 million in XRP from Ripple.

This news was not well received by the community; Few users have blown Ripple for transferring 100 million XRP to Jed McCaleb when the company’s native token XRP hit lower lows with no sign of responsible recovery.

Disclaimer of liability: The information provided is subject to market conditions and may contain the author’s own opinion. Please do your “own” market research before investing in cryptocurrencies. Neither the author nor the publication (TronWeekly.com) accept any responsibility for your financial loss.

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